Printer Friendly

FIRST FIDELITY WILL CONSOLIDATE NEW JERSEY, PENNSYLVANIA BANKS

 LAWRENCEVILLE, N.J., Jan. 10 /PRNewswire/ -- First Fidelity Bancorporation (NYSE: FFB) announced that it will consolidate its two largest units, First Fidelity Bank, N.A., New Jersey and First Fidelity Bank, N.A., Pennsylvania, after receiving approvals today of applications filed with the Office of the Comptroller of the Currency.
 First Fidelity said the consolidated bank will be called First Fidelity Bank, N.A. The two former banks will continue to operate as separate divisions until operations and systems changes are made to permit the staging in of the full benefits to customers of the consolidation.
 When the full integration is completed, customers' accounts will be in a single bank and they will be able to transact all business, including making deposits, in any branch in either state.
 "We are very pleased with today's action by the Comptroller," said Tony Terracciano, chairman and chief executive officer, of First Fidelity Bancorporation. "If our industry is to meet the demands of the marketplace, it must adapt to the changing needs of its customers and to the new opportunities presented by technology."
 Terracciano will serve as chairman and chief executive officer of the consolidated bank.
 Leslie E. Goodman, president and chief executive officer of the former First Fidelity Bank, N.A., New Jersey, headquartered at Newark, will continue as a senior executive vice president of the Bancorporation and head of the company's Northern Region, which comprises central and northern New Jersey and Wilkes Barre and Northeastern Pennsylvania. Northern Regional headquarters will remain at Newark. Goodman also will continue to head Community Business Banking which is responsible for providing credit and non-credit services to businesses with annual sales of less than $10 million throughout the company's market area.
 Roland K. Bullard, II, president and chief executive officer of the former First Fidelity Bank, N.A., Pennsylvania, headquartered at Philadelphia, will continue as a senior executive vice president of the Bancorporation and head of its Southern Region which comprises Philadelphia and southeastern Pennsylvania, southern New Jersey, and the Allentown-Bethlehem-Easton area of eastern Pennsylvania. Southern Regional headquarters will continue to be in Philadelphia. Bullard also will continue to head Wholesale Banking for the company, with responsibility for providing credit and non-credit services to businesses with annual sales of more than $10 million.
 "We already have organized our company across state lines on both a line of business and regional basis, so customer convenience is the most important benefit of creating a single bank," Terracciano said. "Our regional organization has helped us to remain responsive to local community needs as we have grown and have developed a common credit culture and service architecture."
 First Fidelity Bancorporation, with more than $32 billion in assets, is among the country's 25 largest banking companies.
 /delval/
 -0- 1/10/94
 /CONTACT: Paul J. Levine, 201-565-2949, or Barbara A. Nate,


215-985-7003, both of First Fidelity/
 (FFB)


CO: First Fidelity Bancorporation ST: New Jersey, Pennsylvania IN: FIN SU:

MJ-JM -- PH013 -- 0937 01/10/94 14:24 EST
COPYRIGHT 1994 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1994 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 10, 1994
Words:494
Previous Article:MELLON BANK ELECTS ROBERT MEHRABIAN TO ITS BOARD OF DIRECTORS
Next Article:SOUTHERN CHESTER COUNTY MEDICAL CENTER NOW AFFILIATED WITH MEADOWWOOD HOSPITAL
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters